0001437749-24-025500.txt : 20240808 0001437749-24-025500.hdr.sgml : 20240808 20240808151035 ACCESSION NUMBER: 0001437749-24-025500 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 111 CONFORMED PERIOD OF REPORT: 20240630 FILED AS OF DATE: 20240808 DATE AS OF CHANGE: 20240808 FILER: COMPANY DATA: COMPANY CONFORMED NAME: RBB Bancorp CENTRAL INDEX KEY: 0001499422 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] ORGANIZATION NAME: 02 Finance IRS NUMBER: 272776416 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-38149 FILM NUMBER: 241187780 BUSINESS ADDRESS: STREET 1: 1055 WILSHIRE BOULEVARD STREET 2: SUITE 1200 CITY: LOS ANGELES STATE: CA ZIP: 90017 BUSINESS PHONE: 213-533-7918 MAIL ADDRESS: STREET 1: 1055 WILSHIRE BOULEVARD STREET 2: SUITE 1200 CITY: LOS ANGELES STATE: CA ZIP: 90017 10-Q 1 rbb20240630_10q.htm FORM 10-Q rbb20240630_10q.htm
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Other fees consist of wealth management fees, miscellaneous loan fees and postage/courier fees. Other income consists of safe deposit box rental income, wire transfer fees, security brokerage fees, annuity sales, insurance activity, and OREO income. Includes non-farm and non-residential real estate loans, multifamily residential and 1-4 residential loans for a business purpose. Included in “Accrued interest and other assets” on the consolidated balance sheets. 26 Included in “Accrued interest and other assets” on the consolidated balance sheets. Includes 31,270 PRSUs, of which half include a future performance criteria with a market condition with an estimated fair value of $20.50 and half include future performance financial metrics with a fair value of $17.75, the Company’s closing price on the date of grant. Net of discounts and deferred fees and costs. 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Table of Contents



 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended June 30, 2024 or

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from ______ to ______

 

Commission File Number: 001-38149

 

RBB BANCORP

(Exact name of registrant as specified in its charter)

 

California

27-2776416

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

 

1055 Wilshire Blvd., Suite 1200,

 

Los Angeles, California

90017

(Address of principal executive offices)

(Zip Code)

 

(213) 627-9888

(Registrants telephone number, including area code)

 

Securities registered pursuant to Section 12 (b) of the Act:

 

Title of each class

 

Trading Symbol(s)

 

Name of exchange on which registered

Common Stock, No Par Value

 

RBB

 

NASDAQ Global Select Market

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐

 

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

 

Accelerated filer

 

Non-accelerated filer

 

 

Smaller reporting company

 

Emerging growth company

 

    

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes     No  ☒

 

Number of shares of common stock of the registrant:  17,804,788 outstanding as of August 2, 2024.

 



 

 

 

 

TABLE OF CONTENTS

 

PART I  FINANCIAL INFORMATION (UNAUDITED)

3

ITEM 1.

CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

3

 

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

8

ITEM 2.

MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

36

 

CRITICAL ACCOUNTING POLICIES

37

 

OVERVIEW

39

 

ANALYSIS OF THE RESULTS OF OPERATIONS

40

 

ANALYSIS OF FINANCIAL CONDITION

50

ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

68

ITEM 4.

CONTROLS AND PROCEDURES

69

PART II - OTHER INFORMATION

71

ITEM 1.

LEGAL PROCEEDINGS

71

ITEM 1A.

RISK FACTORS

71

ITEM 2.

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

71

ITEM 3.

DEFAULTS UPON SENIOR SECURITIES

71

ITEM 4.

MINE SAFETY DISCLOSURES

71

ITEM 5.

OTHER INFORMATION

71

ITEM 6.

EXHIBITS

72

SIGNATURES

 

74

 

 

 

PART I - FINANCIAL INFORMATION 

 

ITEM 1.

CONSOLIDATED FINANCIAL STATEMENTS

 

RBB BANCORP AND SUBSIDIARIES

 

CONSOLIDATED BALANCE SHEETS

 JUNE 30, 2024 AND DECEMBER 31, 2023

(In thousands, except share amounts)

 

  

(Unaudited)

     
  

June 30,

  

December 31,

 
  

2024

  

2023

 

Assets

        

Cash and due from banks

 $23,313  $22,671 

Interest-earning deposits with financial institutions

  229,456   408,702 

Cash and cash equivalents

  252,769   431,373 

Interest-earning time deposits in other financial institutions

  600   600 

Securities:

        

Available for sale

  325,582   318,961 

Held to maturity (fair value of $4,928 and $5,097 at June 30, 2024 and December 31, 2023)

  5,200   5,209 

Mortgage loans held for sale

  3,146   1,911 

Loans held for investment

  3,047,067   3,031,319 

Unaccreted discount on acquired loans

  (866)  (970)

Deferred loan costs, net

  1,511   1,512 

Total loans held for investment, net of deferred loan costs and unaccreted discounts on acquired loans

  3,047,712   3,031,861 

Allowance for loan losses

  (41,741)  (41,903)

Total loans held for investment, net

  3,005,971   2,989,958 
         

Premises and equipment, net

  25,049   25,684 

Federal Home Loan Bank (FHLB) stock

  15,000   15,000 

Net deferred tax assets

  16,577   15,765 

Cash surrender value of bank owned life insurance (BOLI)

  59,486   58,719 

Goodwill

  71,498   71,498 

Servicing assets

  7,545   8,110 

Core deposit intangibles

  2,394   2,795 

Right-of-use assets- operating leases

  30,530   29,803 

Accrued interest and other assets

  46,839   50,639 

Total assets

 $3,868,186  $4,026,025 

Liabilities and Shareholders’ Equity

        

Deposits:

        

Noninterest-bearing demand

 $542,971  $539,621 

Savings, NOW and money market accounts

  647,770   632,729 

Time deposits $250,000 and under

  1,014,189   1,190,821 

Time deposits over $250,000

  818,675   811,589 

Total deposits

  3,023,605   3,174,760 
         

Reserve for unfunded commitments

  624   640 

FHLB advances

  150,000   150,000 

Long-term debt, net of issuance costs

  119,338   119,147 

Subordinated debentures, net

  15,047   14,938 

Lease liabilities - operating leases

  32,087   31,191 

Accrued interest and other liabilities

  16,194   24,089 

Total liabilities

  3,356,895   3,514,765 
         

Commitments and contingencies - Note 12

          
         

Shareholders' equity:

        

Preferred Stock - 100,000,000 shares authorized, no par value; none outstanding

      

Common Stock - 100,000,000 shares authorized, no par value; 18,182,154 shares issued and outstanding at June 30, 2024 and 18,609,179 shares issued and outstanding at December 31, 2023

  266,160   271,925 

Additional paid-in capital

  3,456   3,623 

Retained earnings

  262,518   255,152 

Non-controlling interest

  72   72 

Accumulated other comprehensive loss, net

  (20,915)  (19,512)

Total shareholders’ equity

  511,291   511,260 

Total liabilities and shareholders’ equity

 $3,868,186  $4,026,025 

  

The accompanying notes are an integral part of these unaudited consolidated financial statements.

 

 

 

RBB BANCORP AND SUBSIDIARIES

 

CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

FOR THE THREE MONTHS ENDED JUNE 30, 2024, MARCH 31, 2024, AND JUNE 30, 2023 AND THE SIX MONTHS ENDED JUNE 30, 2024 AND 2023

(In thousands, except per share amounts)

 

                                         
   

Three Months Ended

   

Six Months Ended June 30,

 
   

June 30, 2024

   

March 31, 2024

   

June 30, 2023

   

2024

   

2023

 

Interest and dividend income:

                                       

Interest and fees on loans

  $ 45,320     $ 45,547     $ 50,810     $ 90,867     $ 100,752  

Interest on interest-earning deposits

    3,353       5,040       2,112       8,393       2,903  

Interest on investment securities

    3,631       3,611       3,574       7,242       6,110  

Dividend income on FHLB stock

    327       331       259       658       524  

Interest on federal funds sold and other

    255       266       247       521       464  

Total interest and dividend income

    52,886       54,795       57,002       107,681       110,753  

Interest expense:

                                       

Interest on savings deposits, NOW and money market accounts

    4,953       4,478       2,778       9,431       5,074  

Interest on time deposits

    21,850       23,322       19,169       45,172       32,575  

Interest on long-term debt and subordinated debentures

    1,679       1,679       2,550       3,358       5,089  

Interest on other borrowed funds

    439       439       579       878       1,988  

Total interest expense

    28,921       29,918       25,076       58,839       44,726  

Net interest income before provision for credit losses

    23,965       24,877       31,926       48,842       66,027  

Provision for credit losses

    557             380       557       2,394  

Net interest income after provision for credit losses

    23,408       24,877       31,546       48,285       63,633  

Noninterest income:

                                       

Service charges and fees

    1,064       992       1,120       2,056       2,143  

Gain on sale of loans

    451       312       18       763       47  

Loan servicing income, net of amortization

    579       589       606       1,168       1,337  

Increase in cash surrender value of life insurance

    385       382       344       767       679  

Gain on other real estate owned

    292       724             1,016        

Other income

    717       373       405       1,090       649  

Total noninterest income

    3,488       3,372       2,493       6,860       4,855  

Noninterest expense:

                                       

Salaries and employee benefits

    9,533       9,927       9,327       19,460       19,191  

Occupancy and equipment expenses

    2,439       2,443       2,430       4,882       4,828  

Data processing

    1,466       1,420       1,356       2,886       2,655  

Legal and professional

    1,260       880       2,872       2,140       5,885  

Office expenses

    352       356       350       708       725  

Marketing and business promotion

    189       172       252       361       552  

Insurance and regulatory assessments

    981       982       809       1,963       1,313  

Core deposit premium

    201       201       235       402       472  

Other expenses

    703       588       886       1,291       1,807  

Total noninterest expense

    17,124       16,969       18,517       34,093       37,428  

Net income before income taxes

    9,772       11,280       15,522       21,052       31,060  

Income tax expense

    2,527       3,244       4,573       5,771       9,141  

Net income

  $ 7,245     $ 8,036     $ 10,949     $ 15,281     $ 21,919  
                                         

Net income per share

                                       

Basic

  $ 0.39     $ 0.43     $ 0.58     $ 0.83     $ 1.15  

Diluted

    0.39       0.43       0.58       0.82       1.15  
                                         

Weighted-average common shares outstanding

                                       

Basic

    18,375,970       18,601,277       18,993,483       18,488,623       18,989,686  

Diluted

    18,406,897       18,651,702       18,995,100       18,529,299       19,022,242  

 

The accompanying notes are an integral part of these unaudited consolidated financial statements.

 

 

 

RBB BANCORP AND SUBSIDIARIES

 

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

FOR THE THREE MONTHS ENDED JUNE 30, 2024, MARCH 31, 2024, AND JUNE 30, 2023, AND THE SIX MONTHS ENDED JUNE 30, 2024 AND 2023

(In thousands)

 

   

Three Months Ended

   

Six Months Ended

 
   

June 30, 2024

   

March 31, 2024

   

June 30, 2023

   

June 30, 2024

   

June 30, 2023

 

Net income

  $ 7,245     $ 8,036     $ 10,949     $ 15,281     $ 21,919  
                                         

Other comprehensive income/(loss):

                                       

Unrealized gain/(loss) on securities available for sale

    43       (2,085 )     (3,591 )     (2,042 )     (1,014 )

Related income tax effect

    24       615       1,064       639       274  

Total other comprehensive income/(loss)

    67       (1,470 )     (2,527 )     (1,403 )     (740 )
                                         

Total comprehensive income

  $ 7,312     $ 6,566     $ 8,422     $ 13,878     $ 21,179  

 

The accompanying notes are an integral part of these unaudited consolidated financial statements.

 

 

 

RBB BANCORP AND SUBSIDIARIES

 

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS EQUITY (UNAUDITED)

FOR THE THREE MONTHS AND SIX MONTHS ENDED JUNE 30, 2024 AND 2023

(In thousands, except share amounts)

 

  

Common Stock

              

Accumulated

     
  

Shares

  

Amount

  

Additional Paid-in Capital

  

Retained Earnings

  

Non- Controlling Interest

  

Other Comprehensive Loss, net

  

Total

 

Balance at March 31, 2024

  18,578,132  $271,645  $3,348  $259,903  $72  $(20,982) $513,986 

Net income

           7,245         7,245 

Stock-based compensation, net

        688            688 

Restricted stock units vested

  23,962   448   (448)            

Cash dividends on common stock ($0.16 per share)

           (3,010)        (3,010)

Stock options exercised

  28,250   590   (132)           458 

Repurchase of common stock

  (448,190)  (6,523)     (1,620)        (8,143)

Other comprehensive income, net of taxes

                 67   67 

Balance at June 30, 2024

  18,182,154  $266,160  $3,456  $262,518  $72  $(20,915) $511,291 
                             

Balance at March 31, 2023

  18,992,903  $277,478  $3,270  $233,815  $72  $(19,878) $494,757 

Net income

           10,949         10,949 

Stock-based compensation, net

        150            150 

Restricted stock units vested

  2,400   30   (30)            

Cash dividends on common stock ($0.16 per share)

           (3,039)        (3,039)

Other comprehensive loss, net of taxes

                 (2,527)  (2,527)

Balance at June 30, 2023

  18,995,303  $277,508  $3,390  $241,725  $72  $(22,405) $500,290 

 

  

Common Stock

              

Accumulated

     
  

Shares

  

Amount

  

Additional Paid-in Capital

  

Retained Earnings

  

Non- Controlling Interest

  

Other Comprehensive Loss, net

  

Total

 

Balance at January 1, 2024

  18,609,179  $271,925  $3,623  $255,152  $72  $(19,512) $511,260 

Net income

           15,281         15,281 

Stock-based compensation, net

        828            828 

Restricted stock units vested

  32,200   593   (657)           (64)

Cash dividends on common stock ($0.32 per share)

           (5,986)        (5,986)

Stock options exercised

  69,250   1,337   (338)           999 

Repurchase of common stock

  (528,475)  (7,695)     (1,929)        (9,624)

Other comprehensive loss, net of taxes

                 (1,403)  (1,403)

Balance at June 30, 2024

  18,182,154  $266,160  $3,456  $262,518  $72  $(20,915) $511,291 
                             

Balance at January 1, 2023

  18,965,776  $276,912  $3,361  $225,883  $72  $(21,665) $484,563 

Net income

           21,919         21,919 

Stock-based compensation, net

        466            466 

Restricted stock units vested

  20,374   391   (391)            

Cash dividends on common stock ($0.32 per share)

           (6,077)        (6,077)

Stock options exercised

  9,153   205   (46)           159 

Other comprehensive loss, net of taxes

                 (740)  (740)

Balance at June 30, 2023

  18,995,303  $277,508  $3,390  $241,725  $72  $(22,405) $500,290 

 

The accompanying notes are an integral part of these unaudited consolidated financial statements.

 

 

 

 

RBB BANCORP AND SUBSIDIARIES

 

CONSOLIDATED STATEMENTS OF CASH FLOWS – (UNAUDITED)